Dax daily: 12 Nov 2019

The price opened with a big descending gap yesterday. From the beginning of the session, Dax went back to Friday's range but was held by the resistance level at 13 207. This was an interesting level for bearish traders and as expected, Dax returned to the consolidation zone around 13 166 where it bounced again to retest the resistance at 13 207. This zone is now a support.

Important zones

  • Resistance:  13 297
  • Support: 13 207

Statistics for today

Macroeconomic releases

  • 11:00 CET - German ZEW Economic Sentiment

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Today's session hypothesis

Today's session started with an ascending gap, sized 29 points. This gap size is not often closed, hence the probability is low. The current market structure doesn't favour sells either. Yesterday, we retested the important level at 13 166 and found buyers there and they certainly don't want to get back there. For today, it is very likely Dax bulls are to retest the resistance level at 13 296. If that's not the case, the support zones at 13 207 and 13 166 remain valid.

 

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